Purchasing or refinancing your home is a major decision.
Choosing the right mortgage is the first step in achieving your dream of home ownership. Police Mortgage is proud to offer an innovative range of mortgage products and solutions designed to help you meet your borrowing needs.
Conventional Loan
Conventional mortgages are a popular option for borrowers with stronger credit. First-time homebuyers may qualify with as little as 3% down, while borrowers who have owned a home in the past three years typically need at least 5% down. Private Mortgage Insurance is required with less than 20% down, but it may be removed once you reach enough equity. Conventional loans can be used for primary residences, second homes, and investment properties.
FHA Loan
FHA loans are insured by the Federal Housing Administration and may be a good option for borrowers with lower credit scores or smaller down payments. Eligible borrowers may qualify with as little as 3.5% down. FHA loans can be used to purchase multi-unit properties, but the borrower must live in the home. FHA mortgage insurance is required for the life of the loan.
VA Loan
VA loans are available to eligible veterans and may allow qualified borrowers to purchase a home with no down payment. Mortgage insurance is not required, but a VA funding fee may apply and can often be financed into the loan. VA loans are for primary residences only and cannot be used for second homes or investment properties.
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